Understanding Alliance Resource Partners ($ARLP): A deeply undervalued and overlooked company

Tobias CarlisleStocks Comments

Further to our piece on ARLP earlier this week, Marketwatch has a nice piece canvassing coal’s “very bad year.” “There’s market capitulation and then there’s market carpet-bomb capitulation in coal,” said Byron King, editor of Agora Financial’s Outstanding Investments newsletter. “Coal is so far down the pits that it is hard to imagine the sector seeing daylight.” Alpha Natural Resources Inc., … Read More

G. Willi-Food International: When You Can Buy A Decent Business For Free

David DesjardinsStocks Comments

G. Willi-Food is a leading importer of food in Israel. It supplies a wide variety of food products from leading international brands. Willi-Food’s products are nationally distributed and delivered to thousand of customers throughout Israel. It distributes well-known brands like Del Monte or Gelato for example. The company also exports a wide range of kosher food around the world. Its … Read More

Alliance Resource Partners, L.P. A Diamond In The Rough $ARLP

David DesjardinsStocks Comments

Alliance Resource Partners is a producer and marketer of coal in the United States. The firm operates twelve underground mining complexes in Illinois, Indiana, Kentucky, Maryland and West Virginia. The mining operations are near major power plants. This favorable geographic location helps to minimize costs for customers. It is an important competitive advantage in my opinion. Despite the collapse in … Read More

Negative Enterprise Value: A Primer

Tobias CarlisleStudy Comments

Companies with a negative enterprise value are elusive beasts, highly sought after by deep value investors, but little understood outside that world. Alon Bochman, CFA is an aficionado of the negative enterprise value.  He wrote the following piece for the CFA website in 2013 that neatly explains what they are, and why they’re worth pursuing: Value investing is about finding and buying a … Read More

Payment Data Systems, Inc. An Unusual, Undervalued Small Cap $PYDS

Tobias CarlisleStocks Comments

Payment Data Systems, Inc. (NASDAQ:PYDS) is an unusual, undervalued small cap company. It is not as undervalued as it appears at first glance, and its unusual business makes it difficult to assess, but there is value here. At $2.90, the company has a market capitalization of $35 million. Its $65 million in net cash put its enterprise value at -$30 million. … Read More

Small And Micro Cap Screener Bonanza: $ENZN, $SINO, and $WILC

Brodie HinkleStocks Comments

Brodie Hinkle, a senior at the University of Oklahoma, is a contributor to the Acquirer’s Multiple. Brodie is a double major of finance and energy management. He will be periodically writing opinionated articles about individual companies that show up on the stock screeners. If you’d like to contribute an article, please contact me at tobias@acquirersmultiple.com. Contributors receive complimentary access to the … Read More

Micron Technology, Inc. ($MU): Cheap and a Takeover Target

Tobias CarlisleStocks Comments

I love it when I get the chance to write about a high-profile stock, particularly when it’s owned by David Einhorn–one of the smartest guys around–and it’s dirt cheap. Poor old Micron Technology, Inc. ($MU). I’ve bought and sold it so many times over the last decade. It was a net net in 2009 before running away. It got cheap on an acquirer’s … Read More